Posted 7.15.12 @ 9:45
Some realtors are all doom and gloom these days, mostly because of the new mortgage rules released by the government. So is the Canadian, and more importantly, Oakville real estate market boom over? According to CREA (Canadian Real Estate Association) home prices have risen almost 40% in the last 3 years, but they’re expected to stay the same for through next year. So this isn’t a decline in home prices, but it’s not a huge gain like we saw before. What does this mean for you though, and does this mean you shouldn’t buy Oakville real estate now?
Many of the new rules that come into effect early July 2012 are there to stamp out speculation. Speculation fueled boom and bust cycles in America, Spain, Ireland and elsewhere. While it would be easy for that to happen here, steps were taken to prevent it. These include giving less federally backed mortgages to real estate investors who are buying Oakville real estate just to flip it, and capping how much you can borrow from your home’s equity. Most of these changes are unimportant for the regular homebuyer.
It’s good that real estate values are increasing, but not so great if it keeps going at a high rate! When you’re trying to sell a home with an inflated price, buyers won’t be able to buy it as easily… if you’re a buyer looking for a home you’re going to want a cheaper house. While things are slowing down a little, that doesn’t mean it’s not still the right time to buy Oakville real estate. This just means you’re going to see more homes on the market, giving you more options.
Know What You’re Looking For
Knowing what you’re looking for will help you get into the right home at the right price. Right now the Oakville real estate market is hopping; in the Greater Toronto area housing costs have exploded, but the average home price is less than $400,000. The new mortgage rules that come into effect this month just won’t have much bearing on most people who are investing in Oakville real estate; it’s important though to know what you want and what you need before you start shopping. We can help you find the right home for you!
Let Us Help!
We’re experienced Oakville realtors who want to help you make the best decision. Homes here are affordable, you’ll have a wide variety of options ranging from luxury real estate in Oakville to cute little starter homes that you can start a family in. Buying a house isn’t just about financing or figuring out which house you like most; you’ll also need to worry about finding the best schools, cutting your commute time, making sure that you’re near what matters to you and everything else that turns a house into a home. We can help you, so contact us today and see what we can do!